BREAKING: Terra 2 Proposal Has Been Accepted, A New Chain is Born.

in LeoFinance4 months ago (edited)

Terra/Luna Proposal had been approved and the relaunch plan is moving forward after Wednesday's vote among network validators, with a 65% approval rate.

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The distribution plan is complicated and features a series a drops to those wallets that held 10k or more LUNA on the newly renamed Terra Classic Chain, (LUNC) there is a different set of criteria involved for those who held over a million tokens and includes a full 4 years of token drops and locks.

Although some exchanges have stepped up to say they will support the new chain it is unclear at this time if they will continue support for the old chain, with the plan calling for suspending the activity on the original chain. However many in community want to keep the old fork running as well under the name Terra, and the token LUNC.

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It also seems that now that the decision has been made the Terra 2 team will be working quickly with a snap shot tomorrow and the launch of a new chain as soon as Friday.

It's unclear if this plan is mostly supported by the top with little support from the community as there are mixed messages floating around the space.

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Another group of Lunatics are pushing for sustaining the old chain with a burn plan some voluntary and in the form of transaction fees, to reduce the huge supply that has been left nearly valueless after the melt down of UST took the entire Terra economy down and caused a large ripple effect across all of crypto as the group sold BTC in a failed attempt to hold the peg.

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The future of Terra Luna and the newly conceived chain is highly risky and it does seem doubtful the project will return to it's former glory, but if they have a solid and patient community and trust is restored, maybe the slowly grind out a new viable project who knows?

I didn't hold any Luna at the time of it's melt down, but the entire situation is very interesting and I intend to keep an eye on the project, if for no other reason, just morbid curiosity.

I'd be especially interested in the reaction from those who are here and actually did have some LUNA and what your thoughts are on the moves going forward.

Crypto is never boring and all projects have the ability to teach lessons, experiment and communities can be very loyal, time will tell.

Let me know what you think in the comments.

PS: How exciting is it to have LEOFINANCE.IO as a place to discuss crypto news and watch developments through many different perspectives. Happy to be here!

Another article I wrote about LUNA recently. https://leofinance.io/@whatsup/polygon-offering-to-provide-financial-support-to-onboard-luna-projects
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I can't believe they trust Do Kwon enough to have a second go at what is a failed concept. Lunatics.

I guess they are aptly named. lol

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Insanity anyone does

The first chain should totally be called something like Classic Luna Chain (CLUNC).

And sucks for that person who had 9,999 LUNA.

No kidding.. the guy with 9,999 or even 3000. Just think not that long ago 3000 Luna was $600k and now is dust. Ouch, I can't even imagine.

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While I didn't read the entire proposal, but that's what is getting reported on and yeah, that was a decent holding not long ago!

I guess you should cheer for the old chain and hope the community takes it over and keeps burning.

Oops edited to say this reply is for @boss

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Crypto is never boring... Can't argue with that

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I have 8500
No joke.

I hope nobody supports this. It failed snd we should all learn and move on. I bought lower then a dollar towards end of it. I only held 100 or so from months ago but I just don’t see Anything but lawsuits and problems going forward. Centralized so there will indeed to lawsuits and battles. I think it’s a fools game even considering supporting anything regarding Terra/Luna again. But just my opinion…

Branding is important and what got hurt the most was their reputation,
I got a like 10k luna after the crash, so... I did not really know what I was doing more than I thought it was a temporal dip but nope, crypto can be risky at times and so here we go, of course I bought them under 2 bucks and hopefully no damage was done.
I converted them to another coin and if I can in the future I will convert into an investment in this platform, because I am new and used to be in Steem which didnt work out but this seems to be more functional for me!

I always wanted to post deep topics somewhere reliable and this seems to be a good place ^^

All sounds rather desperate and crazy if you ask me. The trust has gone and will be watching from a far as this has serious risk and jeopardy written all over this.

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I can certainly understand that point of view, I have mixed view on it myself.

I just imagine the Hive community wouldn't walk away, and I don't know if the Luna community is as dedicated, but they just might be.

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I honestly don't know what will make this chain stand out when the previous chain was pumped because of UST. I hope the people who lost money get back some of it but I honestly don't think many people have faith in this new chain.

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I tend to agree, I can't picture big investors lining up, but who knows.

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This is really great information.

  • It's also a great example of the Sybil attack vector.

We know that every LUNA whale that stored their stacks across multiple wallets is finally getting that payoff they were looking for. It's crazy to think that there are many situations where we profit simply by making multiple accounts. This is a textbook example.

Wow, what an interesting take, I hadn't even considered.

This so true and a great perspective.

Another reason I'm really glad we have the platform for discussion and consideration on different angles of the important happenings in the space!

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:)

Luna is a decentralized scamcoin. Luna 2 the same, maybe worse

It's definitely a mess.

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I honestly want all the investors in v2 to lose all their money and LUNA 2 to crash and burn like all my childhood dreams.

This space has become a putrid cesspool of memecoins and utter garbage that needs to be flushed down the toilet like the aftermath of a bad luck order at McDonalds.

lol, tell us how you really feel, don't hold back! lol.

Well you just might get a chance to watch all that happen.

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Dont sass me dolphin. 😂

I do indeed hope I will.

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I actually agree. We need a flush out of centralized garbage indeed!

I hold some Terra but only from a gamble buying some well below a dollar. I knew it was a gamble not a investment. It’s harsh but ur right

Not sure if I want to gamble on this project. lol

For sure it's a GAMBLE, and I can't imagine big investors wanting in. Mostly rekt holders, time will tell.

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Oh dang, that sucks. I think I only owned about 30 some tokens. Not 10k, but it was still a decent chunk of money when the price was up near $100. bummer.

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While I didn't read the entire proposal, but that's what is getting reported on and yeah, that was a decent holding not long ago!

I guess you should cheer for the old chain and hope the community takes it over and keeps burning.

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Yeah, I guess so. :) More likely I will just chalk it up as a loss and move on. I think I bought when it was round $60 or $70.

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It does look very complex how they are going to do these airdrops.
Leofinance, yes happy to be here :)

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Yeah, I have no idea. I mean on the chain I imagine they are going to copy the wallet and wallet addresses and just transfer the money amounts, they specifically said they will not be transferring data.

In those cases often exchanges will also distribute new tokens to the holders on exchanges, but in this case it's hard to tell who is going to support what, and things are moving quickly.

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If I am not wrong I read at one place that they will be working with exchanges in order to do it.

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Yeah, several have now said they will step up and honor the drop.

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Get ready for lawsuits against any centralized exchange that doesn’t it it’s a success or not. I had hoped people would rightfully sour on centralized chains after tie but we’ll see.

Terra has a great community and they deserve a way forward. I hope most people who got burned because of the fiasco would get whole in due time.

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Feels like a long shot right now, but then again one never knows. It's not like they have much value in the old chain to move over.

When Hive forked there was a value to move.

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Whole, not a chance unfortunately. Best thing to do is learn lesson and don’t trust centralized chainsZ.

I didn't hold any Luna at the time of it's melt down, but the entire situation is very interesting and I intend to keep an eye on the project, if for no other reason, just morbid curiosity.

Neither did I, but like the bystander watching the burning building I will be watching with interest!

10k or more LUNA seems a sizeable holding and I don't see this really helping the little guy. Just like in other areas of rl it is the little that generally gets f*cked and the whales come away smelling of roses!

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More information has been released and I guess there will be some consideration for smaller wallets, but it's really confusing how it is supposed to work.

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ah okay, well I am glad smaller wallets will get the chance to get something.
As for the relaunch I shall be keeping well clear!

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Understood and not a bad move, I see some exchanges are already swapping out the wallets.

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Ah yes, I have noticed some of the exchanges doing that.

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I still have 12,000 but this news means nothing to me. I have these coins on Binance and although the exchange has announced its supporting the fork, for me its a loss that I've taken and moved forward.

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Ouch! Well, I don't see a really bright future any time soon, but maybe eventually, who knows.

Sure sorry about your losses

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I didn't hold any Luna at the time of it's melt down, but the entire situation is very interesting and I intend to keep an eye on the project, if for no other reason, just morbid curiosity.

i can sell you a heap of UST for $1.00ea if you wanna become even more involved 😂

Oh man, I'm going to have to pass on that amazing deal! lol. Dang.

Sorry you have a heap!

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So all of us with less then 10,000 tokens get fucked then? That’s just great…

That's what I think I am reading but I read "news" about it and not the proposal it's self, but does seem not nice to the small holders.

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Everybody is fucked. Terra is done regardless

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I do think they'll need some community backing for this fork Idea to fly also I guess having 500 $LUNA is naught now , well that's life ,we loose some and gain some.

Yeah, that sucks, maybe some plan for smaller holders is missing from the press releease, seems odd.

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Hmm, well, I wouldn't be optimistic just yet.

Hmm, well, I wouldn't be optimistic just yet.

It will only favour the people that bought bags of Luna at garbage prices. The ones that bought a few Luna when it was 100 USD are left in the cold. Sad story

Yeah seems like the mid and low level holders are going to have to hope the original chain lives and manages to burn.

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Wow...!! All I want is to get compensated for the UST I held in anchor...

Luna has had great apps... but its credibility has gone and Do Kwog is still in charge...

Nah... I want to get things clear on all the reserve curency sell offs they did first...transparency, and a proper diagosis of why they could not manage the crisis.

I don't care or excited about Luna's future...):

Crypto is exciting but it sucks to be one who lost out like this... otherwise, Luna's story is fasinating...anyway!!

Thanks for the update...so no UST compesation???

only that airdrops of that Lync token, sucks big time man!!

One thing, there will be lot of sell offs of Lync token for sure...so if we hope to recover some lost value, not even full, it will take a long time, if this project does well...

The right thing first to do, is compensate, UST holders with a stable stablecoin...then propose all this airdrop nonsense...

Terra community is sick of all this...developers will move to other chains... I was totally sick reading about Luna Luna...but this airdrop thing concerns me as a Luna and UST holder... I am not seeing how I can recover UST value ...sucks.

Man that sticks, but I don't see how they can do anything with ust, because who would buy the new stable coin and with what.

It's a super bummer for a lot of people! I'm sorry

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But I seriously doubt that the investors confidence will be back. I don't think so!

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Could be true and the stake holders are rekted.

Wonderful news 😊

Hmmm, Interesting news and new projects are always fun.

At least they will have name recognition and a lot of interest and curiosity.

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what does that mean exactly in regards to the snapshot? When did UST implode?

About 2 weeks ago, I guess. It took down the entire Terra/Luna economy with it and then they sold a bunch of bitcoin besides, and the impact rippled across crypto.

Airdrops will be handled by the chain and many CEXs have no made statements about supporting the new chain.

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I see, because I think I bought the day and the days after the 99% drop, so not sure if those purchases would qualify

Just not sure what will happen with those yet, sounds like it is still getting hammered out.

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I only have a few tokens. Bought these at $2 when it dipped. So hardly worth anything now !

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Yeah, wonder if they will live on the old chain or if it will die.

Keep us posted.

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Yay now the LFG is gunna be even richer

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Likely true.

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Terra was a history & Terra 2.0 is a sh!t ;)

it's better invest on $WINE than Terra 2.0 :D


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The only thing I really long for is to sell some of the LUNA I have and be able to recover my losses or at least a part of them, but I don't expect anything more from that project, I prefer to stay with HIVE which is something very safe, I learned that the hard way.

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Smart and I understand.

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I can't say (and I think that nobody can't) that everything LUNA will do to recover from the disaster it fell into will be successful. Because it will be very difficult to regain the trust of investors, traders and the crypto public in general, because as we well know, once trust in a crypto and project (or whatever) is lost, it is almost impossible (or very difficult) retrieve it. Good post. Greetings.

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Yep it's a long shot, but I guess I understand why they have to try it.

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